20 Nov 2008 at 6:32pm
Air France-KLM profit plunges in second quarter
The Air France-KLM Group said Thursday its profit plunged in the second quarter as higher oil prices and financial charges weighed on the airlines' earnings. The parent company of the French and Dutch national flag carriers reported a net profit of euro28 million ($35.4 million) for the July-September period, down 96 percent from euro736 million a year earlier, when earnings were boosted by asset sales. Air France-KLM also abandoned its operating profit target for this year, but said it would remain 'clearly in profit.' The company had warned last month that its target of euro1 billion ($1.26 billion) in operating profit would be 'very difficult' to achieve.
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